BTCMarket
Short

BTC Final Short Term Chart

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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BTC failed to maintain it's channel, exited 780 longs from the break of 900 and bounce back to 920's.

Holding shorts from 920/923/925 1/3rd.

1st TP (S1) Daily Pivot Support at 897 / Weekly Pivot 893 should see a bounce there before descending to 840's.

SL just above 946.9 (RR/Ratio 3+)

Chinese Exchanges Begin To Ban Non-Chinese traders deposits and withdraws plus disrupted margin trading facilities add to bearishness.

Good Luck
Comment: Target 1 Hit Taking 1/3 Profit
Comment: We can see the bounce coming in exactly where it was expected. Now we look for new resistance at 907/908/910.

Comment: Added to short at 918 covering at the weekly pivot, moving stops to break-even letting the rest run.

Comment: Caution needed here at this support level. No new shorts or longs will be added, if price bases here and moves up only a close above 940 will trigger a bigger move back into 1k+ territory. Do not want to see another leg up from here which is why all stops have been moved to break-even.

Comment: taking half at what should be the long dated trendline and final support level up here 880's. last 1/3 left of position riding.

Comment: Quick update;

For those wondering if and when to get long the trigger is above 910, if we base up here in the 880's/890's. If 910 gets retaken a larger move is brewing otherwise 840's still attract.

Trade closed manually: Last 1/3 closed manually for small gain.

Overall very profitable setup.

New Updated Medium Term Chart Tomorrow
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How, what's your current assessment? Going up in direction to 910 and broke the descending triangle to the top.
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BTCMarket bysteven
@bysteven, I'm patiently waiting, if 910/915 goes then I'll begin to build a long for 1k+ but trading is all about patience and timing and letting the trade come to you. I'm sitting on my last 1/3 with stops just below break-even 918.

You're looking for similar price behavior to this chart:



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bysteven BTCMarket
@BTCMarket, volume is low though but it already 912.
Reply
BTCMarket bysteven
@bysteven, I'm not sure if you noticed but this is a Bitfinex chart not Bitstamp so price has not reached 912 on Bitfinex yet.
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bysteven BTCMarket
@BTCMarket, true - now it is. ;)
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bysteven BTCMarket
@BTCMarket, failure to get the resistance or pullback before launch - not fully clear to me.
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@BTCMarket this is a solid chart. Congrats!
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So you don't believe in 800ish or even 750 anymore?
Reply
BTCMarket bysteven
@bysteven, I'm not sure what you mean by 800 or 750 the last target was the 840 region. If you're asking in regards to me taking some profit it's because I don't like to let winners turn into losers. No one has a crystal ball and since my base price is 923 taking some profit in the 880's means I'm booking about 50% from my the last target. I am still holding the last 1/3 of my short but if price were to reverse for any reason from here back up I have covered a significant piece of my original short and increased my account.

Hope this answers your question.

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